If you’re heading off to university for the first time this September, it’s likely that you’ll be in sole control of your finances for the first time ever. If you aren’t careful with your money, you could end up with debt problems far exceeding your student loan repayments by the time you graduate.

Many students leave their studies tens of thousands of pounds in debt, so to avoid debt problems when you finish college or university read on for some top tips.

University is your first taste of independent living as an adult, making it an exciting and intoxicating time…literally! You can spend your money on whatever you like, or that‚Äö√Ñ√¥s what you think. A surprising number of students insist on blowing their whole student loan payment as soon as it comes in, often wasting it in the student union bar, resulting in serious problems when there are bills to be paid.

The following are a few very useful tips on student money management, so be sure to follow them if you want to avoid debt and enjoy your time at university.

1. Prioritise bills and make big payments, such as rent and utilities, first. Then you can work out how much you have left to spend on everything else – like going out and takeaways.
2. Never leave letters unopened, even if you suspect that they contain requests for payment or final demands. As with all debt-related problems, ignoring them will only make things worse.
3. Do your food shopping of an evening, preferably just before the shop closes. This is the time of day when massive discounts are to be found, as fresh goods are marked down in price.
4. Never shop for food when you are hungry – it will make you want to buy more of things you don’t need! Stick to a shopping list instead.

See part 2 soon for more top student money saving tips…